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Cryptocurrency for Beginners

Public Key vs. Private Key: What’s the difference?

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Public Key vs. Private Key

In simple terms, a cryptocurrency wallet is digital wallet which allows you to send and receive cryptocurrency.
However, it is important to remember that a “ cryptocurrency wallet” is above all a software.

 

Public Key

The public key is the alphanumeric or QR code you give to another user in order to receive cryptocurrency.

The public key is also referred to as the receive address.
Unlike to private key, it is perfectly safe to provide your public key on a website or another 3rd party.

 

Private Key

The private key is the passphrase or 11 word combination provided when setting up the wallet.

The private key is can also be described as the senders personal address.

Unlike the public key, you should NEVER give the private key to anyone.
The private key is similar to an account username with an integrated password.
Which means that anyone with this private key can access the account.
It is for this reason that hackers use all sorts of devious methods to get a hold of your private keys.
Once a hacker has access to your private keys, they will access your cryptocurrency and transfer it their wallet and as it is anonymous you won’t be able to track the hacker

 

Tips from the Pros:

1)Make several wallets for different uses.
For example, you can have one accessible wallet for everyday transactions, a different one for savings

2)Always have a paper and pen ready when creating a new wallet so you can easily note the passphrase (public keys) as well as any additional passwords

3)If you are using a mobile wallet, take a screen shot of each page as you are creating the wallets

4)Keep your private key and public key in separate places

5)Make several back ups (paper wallets

6)NEVER EVER give your private key to anyone

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